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Auto Loans in Durham (NC)

Have you been turned down by a dealership in North Carolina because of credit problems? Fear not. In order to aid you, the borrower, we offer you access to bad credit car dealerships in Durham, North Carolina. Each and every day, we help folks in Durham finance a car regardless of:

  • Undesirable Credit Scores
  • Minimal Credit
  • Bankruptcy
  • Foreclosure

It’s our specialty. Want to get rolling? Simply click here to apply online.

Durham Car Dealers That Accept Bad Credit

Most banks don’t serve individuals with poor credit. Thankfully, there are dealerships and specialty lenders that do accommodate credit-challenged borrowers. Since this is a high-risk loan, you can expect:

  • Steeper rates of interest.
  • More money owed upfront.
  • Less costly assets (cars).

However, they will get your loan funded through banks and finance companies that submit information to the credit reporting agencies, giving you the ability to raise your credit score. We have many of these dealerships in our network, and when you submit your application, we work hard to connect you with one who wants to accept you for financing.

Can You Get a Car Loan with No Money Down?

It’s often necessary to make a down payment on the vehicle you want, especially if you have a bad credit score. When you finance a car, you’re in a race with depreciation. When the your vehicle is worth less than what’s owed on it, then you’re under water on it. A down payment gives you a head start against depreciation.

We could possibly help you finance a car in Durham without having a down payment, but typically a down payment makes sense.

In House Financing Dealers in Durham, NC

Car dealers in Durham that approve car loans on-site differ from conventional dealerships in several key ways. They…

  1. Furnish auto loans in-house.
  2. Do not perform credit checks.
  3. Want you to make your installment payments each week, often at the lot.

For consumers with terrible credit, Durham buy here pay here car dealers in many cases are the only real way to go. Unfortunately, the loan rates are much higher than you’d get from a conventional lender. They also seldom report payments to the credit bureaus, meaning the borrower’s credit score isn’t likely to increase even if they pay off the loan as scheduled.

How Much You Ought to Spend on a Car

You may find you’re eligible to finance a higher priced car than you really ought to. Only about 8% of your income each month should be put toward your car payment. To illustrate, Durham consumers have an average income of $2,261 each month, and 8% of this is $181.

Great Credit Decent Credit Poor Credit
Payment Amount $181 $181 $181
Loan Rate 3.50% 7.00% 11.00%
Down Payment $2,486 $2,284 $2,080
Amount Borrowed $9,943 $9,135 $8,319
Total Interest $910 $1,718 $2,534
Total Investment $13,339 $13,137 $12,933
Purchase Price $12,429 $11,419 $10,399

Used Cars for Sale in Durham, NC

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